rudcharts

ENLC 3/15/21

Long
rudcharts Pro Updated   
NYSE:ENLC   EnLink Midstream, LLC
Daily Chart Analysis:
After a lengthy continuation of a downtrend lasting around 525 days, ENLC entered an Accumulation Phase between 0.87-4.44 that lasted around 338 days. The bulls really flashed their strength during this sideways phase. To start, once finding its low point at 0.87, price goes into a descending triangle . Despite the bearish pattern (especially during a downtrend), the Bulls were able to breakout upwards. From there, price goes into an Ascending triangle with higher lows into resistance area @ 4.44. During this pattern, we also see a Golden Cross occur. Price has currently broken out from the Ascending triangle and the Accumulation phase and possibly entering an uptrend. This is my que for entry. Will look at lower time frame for entry.

1hr Chart Analysis:

Here we can see a clearer look at the breakout from the ascending triangle . After the breakout, there was a pullback and it was caught by the 50ema and an “Oversold” signal with the Stocastic. That was our “ideal” entry. The Price has since made a move towards the highs of the breakout. At the immediate short term, the price is currently a little “toppy” but with all the support in both time frames, I remain extremely bullish will be entering this trade at current price.
Entry: 4.98
Stop: 4.36(-12.40%)
Initial Target: 9.00

*I could’ve set my stoploss at 4.53(-9.0%) or trailed the 50ema on the 1hr but wanted to give it a little space so I am not stopped out prematurely.
Trade closed: stop reached: Stop reached on 3/23
Stopped: 4.36(-12.40%)
Trade active: Price pulled back lower than expected and fell below support area of 4.44 but rejected lower prices by bouncing off the 50ema on Daily chart and making its way back above the Support area.

There was a false breakdown of Support area of 4.44. The price rejection of lower prices at support is my que in this case to re-enter the trade.

Re-entry: 4.47
Stop loss: 4.01